A proceeding by the Ontario Securities Commission to have Conrad Black banned from participating in the province’s capital markets will go ahead, despite an attempt by his lawyer to have it stopped.

However, the OSC says it will take “a practical approach” by narrowing the scope of evidence allowed to ensure time isn’t spent re-arguing Black’s U.S. criminal trial.

The regulator alleges that directors and officers of Hollinger Inc. and Hollinger International engaged in “a scheme” to line their pockets with company proceeds through a system of non-competition payments.

Black was convicted in the U.S. of one count of fraud and one count of obstruction of justice..

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